Aeon Q1 profit falls 42%

Poh: ‘We have already spent more than RM250mil after the opening of two new stores. We will open another two stores next year in Johor Baru and Kuching; the capex will also be used for stores that will be opened the next year.’

KUALA LUMPUR: Aeon Co (M) Bhd posted a 42% drop in net profit to RM28.7mil in the first quarter ended March 31, as the country’s biggest listed retailer was hit by higher operating cost and lower margins amid weaker consumer sentiment.

The sharp drop in profit was also due to initial costs associated with newly opened stores, the company said in its filing with Bursa Malaysia yesterday.